000697，退市预警！明天停牌

Core Viewpoint - ST Lian Shi (000697) has been accepted for reorganization by the Chengdu Intermediate Court, leading to a delisting risk warning and a one-day suspension of trading [3][4]. Group 1: Reorganization Details - On September 23, 2025, ST Lian Shi announced that the Chengdu Intermediate Court accepted its reorganization application, resulting in a delisting risk warning as per the listing rules [4]. - The company's stock will change its abbreviation from "ST Lian Shi" to "*ST Lian Shi" and will be suspended from trading for one day starting September 24, 2025, resuming on September 25, 2025 [4]. Group 2: Financial Situation - The company has significant financial difficulties, with a severe shortage of cash and high debt levels, leading to continuous losses and an inability to repay debts [6][7]. - As of January 2 and April 22, 2025, ST Lian Shi is required to pay overdue debts of 77 million and 948 million respectively, which have already defaulted [6]. Group 3: Court's Perspective - The court recognizes ST Lian Shi as a well-known company in the aviation precision parts manufacturing industry in Sichuan, with strong technological attributes and significant industrial value [7]. - The reorganization process is seen as a means to resolve the debt crisis, restore operational capability, and promote the development of the aviation industry, benefiting creditors and small investors [7]. Group 4: Reorganization Plan - The interim manager has developed preliminary plans regarding equity adjustments, debt classification, and the introduction of reorganization investors, indicating the feasibility of the reorganization [7]. - ST Lian Shi plans to manage its assets and operations under the supervision of the interim manager during the reorganization period and will seek court approval to continue operations [7]. Group 5: Risks and Future Outlook - Successful reorganization and execution of the reorganization plan could alleviate debt risks and improve the company's financial structure and operational status [8]. - Failure to reorganize could lead to bankruptcy and the risk of stock delisting [8].